Most Popular
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Probe of first lady on Dior bag allegations set to begin
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Indonesia’s KF-21 fighter jet deal cut back -- what’s next?
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[KH Explains] Can tech firms' AI alliances take on Nvidia?
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Police seek arrest warrant for med student who killed girlfriend
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Local filmmakers criticize ‘The Roundup: Punishment’ monopoly of screens
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[Grace Kao, Meera Choi] Has money displaced romance on dates?
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Will China's self-sufficient dream in HBM come true?
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Man stabs woman and her son amid financial dispute, killing 1
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NPS forecasts W25tr stock market loss
The state-run National Pension Service could lose up to 25 trillion won ($20.3 billion) from its investments in the South Korean stock market this year, local reports said on Thursday. A asset management report compiled in late January showed that the maximum amount of potential losses of the overall financial assets stood at 40.8 trillion won as of late January, which amounts to 53.6 percent of a limit of 76.2 trillion won. The figure increased by 300 billion won from late November. Poten
April 23, 2020
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Seoul stocks up for 2nd day on rebounding oil prices
South Korean stocks ended higher for the second straight session Thursday on improved investor sentiment over rebounding oil prices. The Korean won gained ground against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 18.58 points, or 0.98 percent, to 1,914.73. Institutions bought a net 99.5 billion won ($81 million) worth of stocks, offsetting combined net sell-offs valued at 121.3 billion won by foreigners and individuals. Foreigners continued to offload local s
April 23, 2020
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Testing kit maker Solgent gears up for IPO
South Korean genetic technology firm Solgent has picked local brokerage Mirae Asset Daewoo as an underwriter for its initial public offering, buoyed by sales of its diagnostic kits for the novel coronavirus, the company said Thursday. The Daejeon-based company and the underwriter are in the nascent stages of the IPO process, which precedes its listing on the development bourse Kosdaq. Details as to when the company will be listed and which option it will go for have yet to be determined. &ldqu
April 23, 2020
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Seoul stocks open higher on rebounding oil prices
South Korean stocks opened higher Thursday, tracking overnight gains on Wall Street, as investors took some comfort from rebounding oil prices and signs of a slowdown in the coronavirus pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.34 points, or 0.55 percent, to 1,906.49 in the first 15 minutes of trading. The main index ended up 0.9 percent at 1,896.15 on Wednesday after shedding 1.8 percent in the previous two sessions. The KOSPI's rebound will be limited, howe
April 23, 2020
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KRX warns retail investors for investment binge on leveraged WTI futures ETN
The Korea Exchange (KRX) on Wednesday warned investors about the possibility of total losses of their investments in leveraged West Texas Intermediate crude oil futures exchange-traded notes. The nation’s market operator will suspend trading for local ETN products with an excessive disparate ratio of over 30 percent -- Shinhan Leverage WTI Futures ETN(H) and MiraeAsset Leveraged Crude Oil Futures ETN(H) 9 -- on Thursday and Friday. It has planned to resume single-valent trading for the
April 22, 2020
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Seoul stocks end up on stimulus amid virus woes
Seoul stocks closed higher Wednesday, snapping a two-day losing streak, as investors reacted to the government's stimulus packages and await corporate earnings results amid coronavirus woes. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 16.77 points, or 0.89 percent, to close at 1,896.15. Trading volume was moderate at 805 million shares worth 9.3 trillion won ($7.5 billion), with gainers outpacing losers 435 to 404. The main index end
April 22, 2020
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Credit card loans soar in March amid COVID-19 fallout
South Korea’s credit card loans soared 25.6 percent on-year in March, amid the prolonged economic fallout of the COVID-19 outbreak, industry data showed Wednesday. Seven major credit card service providers -- Shinhan, KB Kookmin, Woori, Hana, Samsung, Hyundai and Lotte -- extended 4.3 trillion won ($3.47 billion) in new loans last month, up 882.5 billion won from a year earlier. The corresponding figures for January and February were up 1.6 percent and 16.6 percent, respectively. The
April 22, 2020
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Execs involved in financial impropriety receive mild punishment
The financial and banking sectors have seen a significant jump in the amount of fines imposed on companies that have violated domestic laws in recent years, but top officials responsible for financial irregularities have received relatively light punishments, data showed Wednesday. According to a report released by corporate data tracker CEOScore, some 33.5 billion won ($27 million) in fines were levied on financial and banking firms involved in illicit activities in 2019, up 122.4 percent fr
April 22, 2020
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Market volatility likely to continue until NK leader returns: analyst
Health rumors surrounding North Korean leader Kim Jong-un may expand volatility in South Korea’s stock market already gripped with fears on plunging oil prices, analysts said Wednesday. Cheong Wa Dae’s announcement Tuesday that played down news reports of Kim being in critical condition will reduce uncertainties, but it is premature to determine that stock indexes and the local currency will be on a recovery track anytime soon, they added. “If Kim Jong-un does not make a pub
April 22, 2020
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JB Financial acquires Vietnamese brokerage from Morgan Stanley
JB Financial Group has completed the acquisition of a Vietnam-based brokerage previously owned by global investment bank Morgan Stanley, as part of the local banking group’s effort to make inroads into Southeast Asia. JB Financial Group said Wednesday it paid 19.9 billion won ($16.1 million) for a 100 percent stake in Morgan Stanley Gateway Securities, a midsized brokerage headquartered in Hanoi. Founded in 2006, the firm posted some 300 billion Vietnamese dong ($12.7 million) as capita
April 22, 2020
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Crowdfunding platform Wadiz launches offline space to showcase products
South Korean crowdfunding platform Wadiz said Wednesday it has launched an offline space to help fundraising efforts by showcasing products to visitors and funders. Located in eastern Seoul, Gonggan Wadiz features a display room for “makers,” or those with an ongoing fundraising project on the Wadiz platform, as well as a workstation and networking space, officials said. Visitors and funders will be able to try the products before they invest in a project, they added. The two-sto
April 22, 2020
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Seoul stocks extend losses on virus woes, falling oil prices
South Korean stocks extended losses late Wednesday morning as investors offloaded large-cap stocks amid falling crude prices and deepening woes over the new coronavirus. The benchmark Korea Composite Stock Price Index (KOSPI) fell 28.66 points, or 1.52 percent, to 1,850.72 as of 11:15 a.m. The index dropped 1.8 percent in the past two sessions. For the remainder of the week, lower oil prices and poor corporate earnings results set to be released from this week are adding to woes of investors,
April 22, 2020
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IP office to share S. Korea’s COVID-19 response know-how
The Korean Intellectual Property Office will establish a patent information map to make the relevant data more accessible both to the public and to researchers seeking a cure for COVID-19, officials said Tuesday. Commissioner Park Won-joo on Tuesday visited Syntekabio, a genomic big data manager and artificial intelligence developer in Daejeon. With their counterparts from the Korean Society for Bioinformatics, KIPO officials discussed how AI could be used to analyze conventional drug informat
April 22, 2020
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IBK to pay W100b in penalties for violating US sanctions against Iran
State-run Industrial Bank of Korea said Tuesday it has agreed to pay $86 million in penalties to New York State authorities over illegal cash transfers to Iran. As part of the settlement, IBK will pay $51 million to the New York State Attorney General’s office and $35 million to the New York State Department of Financial Services. The US authorities charged the Korean lender with violating the anti-money laundering laws in 2014. One of its clients has reportedly transferred more than $
April 21, 2020
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State banks step in to bailout troubled Asiana Airlines
State-run Korea Development Bank and Export-Import Bank of Korea announced Tuesday they will inject a combined 1.7 trillion won ($1.40 billion) of fresh funds to keep the cash-strapped flag carrier Asiana Airlines afloat. The two policy banks held meetings to decide on the size of additional financial support measures for the nation’s second-largest airliner. The rescue move came after HDC Hyundai Development, a real estate developer set to acquire Asiana Airlines, requested the two b
April 21, 2020
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Jeonse home rent loans soar on regulations, pandemic
Total “jeonse” rent loans supplied by commercial banks grew around 2 trillion won ($1.62 billion) for the second consecutive month, as the number of house hunters looking for two-year leases instead of purchases increased, industry data showed Tuesday. The jeonse loan balance of the country’s five major commercial banks -- KB Kookmin, Shinhan, Woori, Hana and Nonghyup -- came to 86.25 trillion won at the end of March, up 2.28 trillion won from a month before. The figu
April 21, 2020
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Stocks tank on NK leader's health rumor, oil plunge
South Korea’s stock market fluctuated as the geopolitical uncertainties triggered by the health condition of North Korean leader Kim Jong-un and historic oil price plunge sapped investor sentiment. The benchmark indexes -- main bourse Kospi and Kosdaq -- had a roller-coaster ride. Kospi sank 3 percent to its lowest in the late morning session and the loss narrowed to 1 percent in its closing. Kosdaq saw a 5.6 percent plunge at its largest, and closed 1.4 percent lower. Market bellweth
April 21, 2020
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Brokerages' oil price errors could worsen investor losses
South Korean investors could face losses regarding their hedge on oil futures as local brokerages did not reflect plunging oil prices in their forecasts, according to market watchers Tuesday. A futures contract for US West Texas Intermediate crude for May delivery closed at negative $37.63 per barrel at the end of Monday trading in the US -- plunging $55.90 from the previous session’s close. The sudden collapse has put some securities firms into chaos. Kiwoom Securities suffered a techn
April 21, 2020
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Retail investors’ buying binge will pay off in long term: analyst
Amid concerns building over risks of individual investors seeking short-term profits, a local expert said Monday that the latest buying trend will likely result in great success in the long run. “Retail investors tend to have invested in blue chips during the recent buying binge, like Samsung Electronics, SK hynix, Hyundai Motor Company as well as relatively safer products like index funds,” said Yoo Ik-sun, head of the investment strategy unit at local asset manager Hanwha Asset M
April 21, 2020
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S. Korean shares open lower on Wall Street losses
South Korean stocks opened lower Tuesday, tracking overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index lost 16.07 points, or 0.85 percent, to 1,882.29 in the first 15 minutes of trading. The decline followed losses in the US market. The Dow Jones Industrial Average lost 2.44 percent, with the tech-heavy Nasdaq composite index declining 1.03 percent. Huh Jae-hwan, a strategist at Eugene Investment Co., said a sharp plunge in oil prices and potential poor corporate
April 21, 2020